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Pants Co. owns a controlling interest in Shirt Co. During 2021, Shirt sold some land to Pants for $550,000. For consolidation at December 31, 2021, the following elimination entries were correctly prepared to eliminate this inter-company land sale: Dr. Gain 100,000 Cr. Land 100,000 Dr. DIT Asset 34,000 Cr. DIT Expense 34,000 Dr. NCSHI 12,000 Cr. Retained earnings 12,000 What is the total impact of these elimination entries on the calculation of consolidated net income for the year ended Dec 31, 2021? note: If the result of these entries increases net income, enter a positive number. If the result of these entries decreases net income, enter a negative number. As a continuation of the previous question: In addition to the land sold by Shirt to Pant, Pants has land on its books with a carrying value of $420,000, which it bought from a third party five years earlier, and Shirt is holding no other land. What will be the total consolidated land that will be correctly reported on Pants' Dec 31, 2021 consolidated financial statements